Global Geoscience chairman James Calaway said: “Our new name is derived from the combination of ion and pioneer.

“It reflects our aim to be pioneers in producing the ions for a sustainable future.”

The company’s flagship project is the Rhyolite Ridge Lithium-Boron Project in the US state of Nevada which Calaway said provided a substantial foundation for its goal to responsibly and sustainably produce materials for a sustainable future.

Global Geoscience’s prefeasibility study confirmed its 92 million tonne mineable resource, which is graded 1,735ppm lithium and 1.23% boron, can support a 30-year mine life.

The company successfully raised $53 million in a fully underwritten placement earlier this year to fund the company through to a decision to mine by the end of next year.

The company plans to develop Rhyolite Ridge into a profitable long-term asset to facilitate the use of lithium and boron for planet-friendly uses such as clean technologies.

Calaway said: “We look forward to obtaining shareholder approval to change the company’s name to Ioneer Ltd and becoming a leader in this global transition to a future where all people and the environment are thriving.”

The company released its annual report to shareholders this morning and affirmed it had $80 million cash at hand on June 30, with Calaway reporting Global Geoscience was “well funded to rapidly progress our project towards production”.

The chairman affirmed its agenda for the next 12 months was to complete a definitive feasibility study, operate a pilot plant, drill and extend is resource, build its team and negotiate capital and business arrangements.

Global Geoscience’s AGM will be held in Sydney on October 31 at 10am in the Beaumont Room of the Sheraton on the Park hotel at 161 Elizabeth Street.

Since June, the company has achieved an increase in the Toral project's inferred resource estimate, completion of the Phase 1 RC drilling programme and commencement of a Phase 2 diamond infill drill programme, a successful re-logging exercise of historic core to provide valuable additional data and sustained progress on the preparation of the initial scoping study